“With customers expected to take more responsibility for their financial planning and resilience, bank branches closing, and the number of free-to-use ATMs falling, it’s becoming increasingly difficult for vulnerable customers to access certain financial services,” said Nicky Morgan, chair of the Treasury Committee.

The enquiry will also consider:

how financial firms define “vulnerability”

whether firms should have to have a legal duty of care to their customers

which customers suffer most when a bank branch closes

how Post Offices are filling the gap after a bank branch closure

Tom Selby, a senior analyst with the investment platform AJ Bell, said there was no easy answer to improve the situation.

“Although there are some customers who may more obviously be vulnerable, such as those diagnosed with Alzheimer’s, anyone can potentially become vulnerable at any time.

“Furthermore, it is not always obvious when someone is vulnerable. Many people suffer for long periods with debilitating depression, for example, without even their closest family knowing,” he said.

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